Oil producer Crescent Point Energy Corp posts bigger loss on weak crude prices

, Crisis

Crescent Point, which said it continued to lower its overall cost structure, has slashed its dividend, curbed capital spending and scaled back drilling activity to operate within its cash flow amid a steep and prolonged plunge in crude prices since June 2014.

Canadian oil and gas producer Crescent Point Energy Corp reported a bigger quarterly loss due to weak oil prices.

Crescent Point, which said it continued to lower its overall cost structure, has slashed its dividend, curbed capital spending and scaled back drilling activity to operate within its cash flow amid a steep and prolonged plunge in crude prices since June 2014.

The company forecast about $300 million of excess free cash flow for 2016, if oil prices average US$45 per barrel.

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